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Setting up a retail business is most certainly a prospect only suited to a select few types of people. Here we take a look at the that you would need in this industry.
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What skills do I need to set up a retail business?

Setting up a retail business is most certainly a prospect only suited to a select few types of people; this is an industry that demands high levels of dedication and commitment together with plenty of additional skills.

Retail Business Skills | Skillsets For A Retail FranchiseYou will find that the investments fees are slightly higher in the retail industry usually because this is often premises based. Most franchisors will assist you to find the right location for your business and will help with signage and internal marketing together with fixtures and fittings.

Investments fees can also be higher depending on the franchise package. For example, the largest pizza delivery Franchise Papa Johns has a start-up fee of £200,000.00 with a personal investment of £70,000.00. Although this is a high investment fee the income of such a lucrative business is also high.

Alternatively you may wish to consider the lower investment fees such as Dream Doors or Mail Boxes Etc. Mail Boxes Etc help with site selection, shop fitting expenses, legal fees, equipment, supplies and inventory to help your business get off the ground.

There are various retail business opportunities such as shop front premises and office based premises offering various retail products and services.

Here we take a look at just what may be required of you if you choose to become the owner of a retail franchise and the retail business skills that you will need.

Skills that traditional businesses demand

Let’s first start by looking at the skillsets that are required from any business person who owns a company in any industry form.

Retail Business Skills | Skillsets For A Retail Franchise1. Exceptional interpersonal and people skills.

These skills are essential as you will be dealing with customers and could be leading a team on a daily basis. You also need to have excellent verbal communication and the ability to form good working relationships.

2. Being a whizz with numbers

Every business requires a pretty firm grasp and ability with figures; however retail demands a particularly keen eye as this is an area of business that is sometimes subject to relatively low margins. Some retail sectors may feature an average margin smaller than others, in which case attention to detail becomes an ever more important skill.

3. Keeping a cool head under pressure

No business runs smoothly all of the time and being able to keep your composure under times of pressure is vital, particularly when you work in a customer facing industry such as retail.

4. Being dedicated

Dedication and commitment to getting your business of the ground is a must. This means that you’ll need to make sacrifices, such as laying in and early nights, as well as scrimping and saving in the early days to ensure that you remain personally financially stable. You must also be willing to get “stuck in” such as rolling up your sleeves and getting involved with the daily running of the business. 

Retail Business Skills | Skillsets For A Retail Franchise

A whole new skillset for retail

Now we come to the defining differences between a business person, and a business person who is made for retail.

 1. Being prepared to work at the most unsociable times

Retail is an industry that is, by nature, unsociable. Indeed the busiest times during the retail calendar is when many are enjoying their Boxing Day turkey left overs or having a lie in after a night out over the weekend. This then means that you’ll not only need to work over weekends and national holidays, but will have to enjoy doing so.

2. Being patient… and always having a smile on your face

Retail Business Skills | Skillsets For A Retail Franchise

In any industry that deals with customers remembering the mantra that ‘the customer is always right’ is essential, particularly when you’re the boss and could otherwise inform the customer that, in actual fact, they’re completely wrong. For this reason patience is very much a virtue within the world of retail, as is the ability to bite one’s tongue.

3. Being personable 

If ever there was one industry where people skills are essential it is retail. From dealing with customer complaints with that unwavering smile, to selling your products to people you may never have met before, being personable is a none negotiable if you’re to make a success of your retail business.

With the various retail franchise opportunities why not use our search facility to browse the number of brands offering lucrative opportunities.

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